Retail Innovation Now: “Servicification,” Digital Natives and the Changing Role of the Physical Store

Executive Summary

On September 24, 2019, Coresight Research’s London team attended Retail Innovation Now at the Design Museum, London. The event—which was attended by 17 emerging technology companies from Israel, among others—focused on the trends that are reshaping retail for the future:

• Retail is going through a process of “servicification,” in which customer experience is becoming more important than the product offered. Physical stores are becoming similar to digital platforms thanks to the adoption of in-store technology.
• Digitally native companies are replacing traditional assets in many industries, including retail. Legacy retailers need to collaborate with emerging tech companies in order to stay competitive.
• The role of the physical store is changing into a place for personalization and engagement; the integration of physical and digital is on the rise; and the importance of sustainability and inclusiveness is growing across the industry.